Leitner, Sandra M.; Stehrer, Robert - In: Economics of Innovation and New Technology 20 (2011) 8, pp. 777-795
Innovations, as highly risky, costly and uncertain activities, are extremely selective, giving rise to only a small group of lucky winners with substantial returns. This paper builds on the observation that returns to both firm and market novelties (MNs) are significantly right-skewed and, with...